Income Per Share

3 Months Ended

Sep. 26, 2015

3. INCOME PER SHARE

Basic income per share is based upon the weighted average number of common shares outstanding. Diluted income per share reflects the additional potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

Basic and diluted income per share for the three month periods ended September 26, 2015 and September 27, 2014 are computed as follows:

	Three Months Ended
	September 26,		September 27,
(in thousands, except per share data)	2015		2014
Net income	$	3,559	$	2,495
Computation of common shares outstanding – basic earnings per share:
Weighted average shares of common stock		21,955		21,936
Basic earnings per share	$	0.16	$	0.11
Computation of common shares outstanding – diluted earnings per share:
Weighted average shares of common stock		21,955		21,936
Dilutive shares using the treasury stock method		568		326
Shares used in computing diluted earnings per share		22,523		22,262
Diluted earnings per share	$	0.16	$	0.11

Options to purchase 340,000 and 1,256,000 shares of common stock, and restricted stock units of 29,000 and zero were outstanding during the three month periods ended September 26, 2015 and September 27, 2014 respectively, but are not included in the computation of diluted earnings per share because the options and units would be anti-dilutive under the treasury stock method.